Matz: NCUA Staff Writing Proposed Rule on Derivatives
NCUA Chairman Debbie Matz said late Tuesday the agency will introduce a proposed rule on credit union use of derivatives during the first half of 2013.
The regulator first requested comment on the topic in June 2011, and sought further input with a formal 60-day comment period in January 2012.
“The staff has worked closely with a credit union community working group. This issue is so very complicated and we want to get it right,” Matz said during a webinar that also included Consumer Financial Protection Bureau Director Richard Cordray.
Matz said the NCUA will consider allowing credit unions with the appropriate expertise in derivatives to use the tool to hedge against interest rate risk.